IndyMac Earnings Rise

Net revenue jumps 22%.
Author:
Publish date:

Thrift/mortgage bank IndyMac Bancorp (NDE) said Thursday its third-quarter earnings climbed 10.26% from the year-ago period.

The Pasadena, Calif.-based bank earned $86 million, or $1.19 a share for the quarter, compared with $78 million, or $1.16 a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of $91.8 million, or $1.27 a share.

Third-quarter net revenue rose 22.26% from year ago to $346 million as against analysts' expectation of $348.74 million.

For the quarter, the NPA has increased to 51 basis points as compared to 36 basis point a year ago.

The bank expects earnings of $5.16 to $5.26 a share for the full year 2006 as against analysts' expectation of $5.23 a share.

The board of directors increased the cash dividend to 50 cents a share on strong performance. It is payable payable Dec. 7 to shareholders of record Nov. 9.

The bank's shares were trading up $1.57 cents, or 3.5%, at $46.44 Thursday.

This story was created through a joint venture between TheStreet.com and IRIS.